Home Buying in Cooper City>Question Details

Dreamer9292, Home Buyer in Fort Lauderdale, FL

Help for first time home buyer

Asked by Dreamer9292, Fort Lauderdale, FL Sun Jun 24, 2012

My husband and I are first time home buyer's, how can we find out how much "home" we will qualify for? And what are the best steps to take if you are a first time home buyer?

Help the community by answering this question:


The single most important step in the homebuying process is determining what you can afford. Get a reference from your real estate professional, family, or friend for a knowledgable lender. Get pre-APPROVED (not pre-qualified) and run the numbers yourself. How much you "qualify" for, is not how much you can comfortably afford. I always ask my clients - could you afford this mortgage payment if one of you lost your job, or if you had to take a position earning much less than what you currently make. After you know how much you can afford - choose a real estate professional who you are comfortable with to guide you through the process. Hope this helps and good luck!
1 vote Thank Flag Link Fri Jul 20, 2012
Good morning Dreamer9292,

First Time Buyer First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Sep 5, 2012
This is a great question and one I am asked all the time! I specialize working with first time home buyers and it is my passion! I have created a buyers guide especially designed to walk you step by step through the entire process of buying a home to ensure that not one stone goes unturned through this exciting journey!

In regards to funding the property, it is best to start off by contacting a mortgage specialist that can help you determine what you can afford. I suggest one of the following.

Justin Miller
Fembi Mortgage

Gabriel Pelusso


In the mean time if you would like to get started finding homes in the area(s) your looking in contact me and I will be happy to help. I can email a list of homes that suit your needs which will update daily keeping you ahead of other buyers looking for the same thing.

Joe Stafford, PA
Keller Williams Realty

You can search on my website http://www.FortLauderdale-Homesforsale.com
0 votes Thank Flag Link Wed Sep 5, 2012
Make a budget for yourself and evaluate how strong your employment prospects are. Don't exagerate. Shop for a mortgage with a reputable company and work with a respectable realtor. Dorin Frai, Fulcrum Realty , tel 954-663-5944 or visit http://www.fulcrum-realty.com
0 votes Thank Flag Link Fri Jul 20, 2012
I hope your house hunting is better than mine. The market is in the upswing with zoo like activity reminescent of the 2006 bust. Be very cautious of who you choose as a realtor, get references, interview them. Make sure you do the same with your lender. There are sharks and predators at every turn. The situations with shortsales and foreclosures can be particulary disgusting. Know what your priorities are. Know your price range and hold firm to it...if a realtor encourages you to buy more---its strictly for comission and dont forget that they don't really work for you..they work with you, but they look at you as their meal ticket. Don't get emotional, but when you see they right fit go in hard and make sure the realtor is working on your behalf to get the deal closed. Some of them are so busy they leave you wondering and YOU essentially do all the work. Get a good communicator and someone with solid experience. Don't leave your future in someone else's hand after the papers are signed...you are responsible. Best to you.
0 votes Thank Flag Link Fri Jul 20, 2012
Congrats on choosing to buy at this time. In a few short years you will see how your timing was PERFECT.

As real estate professional, many of us on this forum are engaged in various levels of transacting a real estate pruchase or sale on a daily basis. Sometimes, due to our emmersion, we forget the situation a first time home buyer finds themselves. It is unnerving to realize there is so very, very much you do not know.

I've just finished my nearly 30 page Florida Home Buyers Guide. Starting at financing (including some 'rule of thumb' how much can I buy guidelines) and ending at the closing table, this guide gives insight regarding the process and identifies those issues most likely to create havoc in the process. Request your digital copy.

You won't find any references to basements or ice damning, because it is all about FLORIDA!

Best of success in find you Fun N Sun home.
Annette Lawrence, Broker/Assoicate
Remax Realtec Group, Palm Harbor, FL
727.420.4041 - http://www.FloridaRealEstateMadeEASY.com
0 votes Thank Flag Link Mon Jun 25, 2012
We can help you.

Its important to select a reputable lender that can actually close on your mortgage and there are many incentives being offered right now.
We are Cooper City agents and know the neighborhoods. Call us to find a home for you.

Dorin Frai
Fulcrum Realty LLC
Tel 954-663-5944
0 votes Thank Flag Link Mon Jun 25, 2012
Hello Dreamer,

I work with a lot of first time home buyers. You should work with a Realtor who can explain everything to you as you go along, and walk you through the entire process.

Certainly, one of the first things you need to do, is speak with a mortgage consultant who will be able to give you a price range that you should be looking in. If you don't have someone you feel comfortable with, your Realtor will be able to give you references.

With a knowledgeable Realtor and mortgage consultant to work with, you should be able to begin the process of making your dream a reality.

Best of luck to you!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes Thank Flag Link Mon Jun 25, 2012
To find out just how much home you can afford you will need to talk to a mortgage professional. If you don't have one in mind a real estate agent could recommend a few. These professional will discuss with you various mortgage products that would meet your need.

As a first time buyer in New York for example there are several programs a first time buyer could benefit from.
0 votes Thank Flag Link Sun Jun 24, 2012

your first step should be contacting a lender to determine your ability to qualify for a mortgage loan.

Please feel free to contact me at your earliest convenience regarding a pre-approval, if I may be of any service to you.

Best Regards,
Beate Rodriguez
Lic. Loan Originator

Cell: 954.695.4849
0 votes Thank Flag Link Sun Jun 24, 2012
Dear Dreamer9292,

Hi! Let's have your dreams become realtiy! Welcome to working toward home ownership. There are different ways to finance a property. FHA financing is usually 3.5% for your down payment and 5 to 6% for closing costs. By rounding out these figures, you need about 10% of your purchase price saved up.

Your best steps are to work with a licensed knowlegable realtor and mortgage consultant. I can provide you with a mortgage consultant to let you know how much you are qualified to purchase.

Susan Penn, PA, SFR, CDPE http://www.susanpenn.com
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Sun Jun 24, 2012
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.
As a first time home buyer you can take advantage of low down payment goverment programs as FHA an others.
Please give my a call to contact you with my mortgage broker to guide you.

0 votes Thank Flag Link Sun Jun 24, 2012

0 votes Thank Flag Link Sun Jun 24, 2012
Hi there. The only way to do this is to select the bank you want to have a mortgage with and go in and request a Pre Approval then and there they will do it and the approval that will carry the most weight in an offer to a contract will be a DU approval which is Underwritten. I am with Keyes and we are affiliated with Wells Fargo who give pretty good rates and will give you your full closing costs at the moment in Most cases. That's an offer form our branch at Pembroke Pines office. If you would like me to help you with that then please call me. My name is David McChesney Short Sales Certified. CDPE, CIPS , REO. Forclosure Certified. At 9548065006. And I do a lot of business in this and your area Cooper City. Regards David
0 votes Thank Flag Link Sun Jun 24, 2012
If you want to know how much you and your husband can afford, the first thing you have to do is talk to a bank/ lender for prequalification or preapproval. Once this is done, work with a realtor who will be able to guide you through the process from finding the right home for you through the closing and beyond. If you need more information, feel free to contact me.
Maria Jessica DeLuna
Keller Williams
Cell: 954-882-1517
Email: mariajessica.deluna@gmail.com
0 votes Thank Flag Link Sun Jun 24, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer